Extra Space Storage (NYSE:EXR) Releases FY24 Earnings Guidance

Extra Space Storage (NYSE:EXR) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $8.00-8.15 for the period, compared to the consensus estimate of $7.99. Extra Space Storage also updated its FY 2024 guidance to 8.000-8.150 EPS.

Analysts Set New Price Targets

A number of research firms recently weighed in on EXR. Evercore ISI dropped their price target on Extra Space Storage from $170.00 to $168.00 and set an “in-line” rating on the stock in a research note on Monday, October 14th. Raymond James increased their price objective on Extra Space Storage from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada began coverage on Extra Space Storage in a research note on Tuesday, September 10th. They issued a “sector perform” rating and a $180.00 price objective for the company. Scotiabank increased their price objective on Extra Space Storage from $159.00 to $169.00 and gave the stock a “sector underperform” rating in a research note on Thursday, August 22nd. Finally, Bank of America downgraded Extra Space Storage from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $172.00 to $155.00 in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $171.07.

Extra Space Storage Price Performance

Shares of EXR stock traded down $1.42 during trading hours on Thursday, reaching $163.32. The stock had a trading volume of 1,332,460 shares, compared to its average volume of 1,040,323. The stock’s fifty day simple moving average is $174.12 and its 200 day simple moving average is $160.20. The firm has a market capitalization of $34.61 billion, a PE ratio of 42.75, a PEG ratio of 6.25 and a beta of 0.86. Extra Space Storage has a 12 month low of $101.19 and a 12 month high of $184.87. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.76.

Extra Space Storage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were paid a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date was Monday, September 16th. Extra Space Storage’s dividend payout ratio is currently 169.63%.

Insiders Place Their Bets

In related news, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total value of $1,338,900.00. Following the transaction, the chief executive officer now directly owns 24,190 shares of the company’s stock, valued at $4,318,398.80. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Gwyn Goodson Mcneal sold 2,823 shares of Extra Space Storage stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $177.01, for a total value of $499,699.23. Following the sale, the executive vice president now owns 32,855 shares in the company, valued at $5,815,663.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joseph D. Margolis sold 7,500 shares of Extra Space Storage stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $178.52, for a total transaction of $1,338,900.00. Following the completion of the sale, the chief executive officer now owns 24,190 shares in the company, valued at approximately $4,318,398.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 18,970 shares of company stock valued at $3,367,307. 1.36% of the stock is currently owned by corporate insiders.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.